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Vulture Capitalism: Corporate Crimes, Backdoor Bailouts and the Death of Freedom
In the vein of The Shock Doctrine and Evil Geniuses, this timely manifesto from an acclaimed journalist illustrates how corporate and political elites have used planned capitalism to advance their own interests at the expense of the rest of us—and how we can take back our economy for all.
It’s easy to look at the state of the world around us and feel hopeless. We live in an era marked by war, climate crisis, political polarization, and acute inequality—and yet many of us feel powerless to do anything about these profound issues. We’ve been assured that unfettered capitalism is necessary to ensure our freedom and prosperity, even as we see its corrosive effects proliferating daily. Why, in our age of unchecked corporate power, are most of us living paycheck to paycheck? When the economy falters, why do governments bail out corporations and shareholders but leave everyday people in the dust?
Now, economic and political journalist and progressive star on the rise Grace Blakeley exposes the corrupt system that is failing all around us, pulling back the curtain on the free market mythology we have been sold, and showing how, as corporate interests have taken hold, governments have historically been shifting away from competition and democracy and towards monopoly and oligarchy.
Tracing over a century of neoliberal planning and backdoor bailouts, Blakeley takes us on a deeply reported tour of the corporate crimes, political maneuvering, and economic manipulation that elites have used to enshrine a global system of “vulture capitalism”—planned capitalist economies that benefit corporations and the uber-wealthy at the expense of the rest of us—at every level, from states to empires. Blakeley exposes the cracks already emerging within capitalism, lighting a path forward for how we can democratize our economy, not just our politics, to ensure true freedom for all.
It’s easy to look at the state of the world around us and feel hopeless. We live in an era marked by war, climate crisis, political polarization, and acute inequality—and yet many of us feel powerless to do anything about these profound issues. We’ve been assured that unfettered capitalism is necessary to ensure our freedom and prosperity, even as we see its corrosive effects proliferating daily. Why, in our age of unchecked corporate power, are most of us living paycheck to paycheck? When the economy falters, why do governments bail out corporations and shareholders but leave everyday people in the dust?
Now, economic and political journalist and progressive star on the rise Grace Blakeley exposes the corrupt system that is failing all around us, pulling back the curtain on the free market mythology we have been sold, and showing how, as corporate interests have taken hold, governments have historically been shifting away from competition and democracy and towards monopoly and oligarchy.
Tracing over a century of neoliberal planning and backdoor bailouts, Blakeley takes us on a deeply reported tour of the corporate crimes, political maneuvering, and economic manipulation that elites have used to enshrine a global system of “vulture capitalism”—planned capitalist economies that benefit corporations and the uber-wealthy at the expense of the rest of us—at every level, from states to empires. Blakeley exposes the cracks already emerging within capitalism, lighting a path forward for how we can democratize our economy, not just our politics, to ensure true freedom for all.
416 pages, Kindle Edition
First published March 12, 2024
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About the author
Grace Blakeley
12 books298 followersGrace Blakeley is a British economics commentator and author.
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Displaying 1 - 30 of 257 reviews
March 18, 2024
Grace Blakeley intends in this book to convince the reader:
1) “of the fact that markets and states are not separate domains of power”
2) “that capitalism is not defined by the presence of free markets, but by the rule of capital”
3) “that socialism is not defined by the dominance of the state over all areas of life, but by true democracy”
4) “you have the power to change the way the world works. Because there are a lot of very powerful people out there who want you to believe that you can’t”
In the first 7 chapters from pages 19-231 I believe that she hits the nail on the head for her first 3 goals. I was blown away by the structured and engaging analysis of the different facets of a capitalist society from big firms to big banks, from states to empires all underpinned with extremely powerful examples that are often both surprising and devastating to read about.
In chapters 8 and 9, Grace attempts to shift her analysis to one of hope for the future and empowerment for the reader.
In chapter 8 she outlines a plethora of examples of the principles of democratic socialism being shown to work in the real world, such that by the end of chapter 8 the reader is longing for the promise of Grace’s recommendations for how they can find this success in their own communities / their own lives.
However, in chapter 9 Grace sets out the blueprints of how a left bloc might work together to build democratic socialism from the ground up, initially within a capitalist society and then to transition from there to a truly socialist society.
This feels like somewhat of a let down to the reader, in my opinion, because we all want a simple fix. We all want the solution to be “just follow this step by step plan”, “just sign up to this online course”, “just follow me and we will win” etc. a simple rallying call that we can get behind, but instead Grace provides a detailed and powerful overview of how grass roots power could be built up in a variety of key areas of power in our modern society and her only actual directions to the reader are “join a union” and “ask your union rep how to get involved”… The rest is left as a blueprint of practical structures that someone could pick up and start the slow process of building in their own community or workplace.
So did she achieve the 4th goal? Did she succeed in convincing us that we have the power to change the world? Well individually, no. But Grace’s book is all about the dangers of thinking individualistically, and collectively she gives great hope for the future of a democratic socialist movement to achieve real power.
In a recent interview, Grace recalled how when she was working at a think tank in her youth she would be surrounded by a group of very clever people and together they would put together proposals that would outline how to fix society, but that what would happen is they would be picked up by the leaders of government and nothing would ever come of them as they had other influences pulling them to focus on other things. Essentially, there wasn’t the political will to pick up the plans and actually follow them.
Grace’s book shows the promise of a better future if we work together and achieve success, and I don’t want to be like that government official who picks up the plans and decides “I’m sorry this is too hard”. I for one intend to thank Grace for her excellent work in educating me about the way in which capitalist society will resist my efforts at every step of the way and I intend to pick up my tools and get to work building a society of the future with as many people I can find to help me, and thanks to Grace’s book I do have hope that together, we will win.
1) “of the fact that markets and states are not separate domains of power”
2) “that capitalism is not defined by the presence of free markets, but by the rule of capital”
3) “that socialism is not defined by the dominance of the state over all areas of life, but by true democracy”
4) “you have the power to change the way the world works. Because there are a lot of very powerful people out there who want you to believe that you can’t”
In the first 7 chapters from pages 19-231 I believe that she hits the nail on the head for her first 3 goals. I was blown away by the structured and engaging analysis of the different facets of a capitalist society from big firms to big banks, from states to empires all underpinned with extremely powerful examples that are often both surprising and devastating to read about.
In chapters 8 and 9, Grace attempts to shift her analysis to one of hope for the future and empowerment for the reader.
In chapter 8 she outlines a plethora of examples of the principles of democratic socialism being shown to work in the real world, such that by the end of chapter 8 the reader is longing for the promise of Grace’s recommendations for how they can find this success in their own communities / their own lives.
However, in chapter 9 Grace sets out the blueprints of how a left bloc might work together to build democratic socialism from the ground up, initially within a capitalist society and then to transition from there to a truly socialist society.
This feels like somewhat of a let down to the reader, in my opinion, because we all want a simple fix. We all want the solution to be “just follow this step by step plan”, “just sign up to this online course”, “just follow me and we will win” etc. a simple rallying call that we can get behind, but instead Grace provides a detailed and powerful overview of how grass roots power could be built up in a variety of key areas of power in our modern society and her only actual directions to the reader are “join a union” and “ask your union rep how to get involved”… The rest is left as a blueprint of practical structures that someone could pick up and start the slow process of building in their own community or workplace.
So did she achieve the 4th goal? Did she succeed in convincing us that we have the power to change the world? Well individually, no. But Grace’s book is all about the dangers of thinking individualistically, and collectively she gives great hope for the future of a democratic socialist movement to achieve real power.
In a recent interview, Grace recalled how when she was working at a think tank in her youth she would be surrounded by a group of very clever people and together they would put together proposals that would outline how to fix society, but that what would happen is they would be picked up by the leaders of government and nothing would ever come of them as they had other influences pulling them to focus on other things. Essentially, there wasn’t the political will to pick up the plans and actually follow them.
Grace’s book shows the promise of a better future if we work together and achieve success, and I don’t want to be like that government official who picks up the plans and decides “I’m sorry this is too hard”. I for one intend to thank Grace for her excellent work in educating me about the way in which capitalist society will resist my efforts at every step of the way and I intend to pick up my tools and get to work building a society of the future with as many people I can find to help me, and thanks to Grace’s book I do have hope that together, we will win.
February 22, 2024
As someone who is more left-leaning, I was keen to read this to learn more about how capitalism has got it wrong , some shocking stories, and some hope about where we can go from here and hope for how things could be better.
What I got was a detailed look into the economics of capital vs democracy and how it’s not really free-markets vs planning, because there is always an element of planning in economics. There were certainly shocking stories, such as Boeing, Ford and Amazon, and how if you have enough capital you can ensure that you always ‘win’. I’m not sure that it left me with much hope though, as the overriding sense is that ‘capital’ will always win, as Grace Blakeley states “over time, the rules of the market game we’re all supposed to be playing come to favour the interests of the powerful” and also “The wealthiest and most powerful are best able to shape the ideas we use to make sense of the world by exercising their power within schools, universities, the media and other sites of cultural production”.
The section on how empires struck me particularly as I read it on the day it was announced that the UK had gone into a recession (following months and years of strikes from workers demanding more pay): “Volcker had a plan. His goal was to convince financial markets that the Fed had the power – and the courage – to tame inflation for good by destroying unions demanding higher wages. Volcker is remembered as a hero among neoliberals for bringing down inflation by engineering a recession…”
I found the book slow going and somewhat hard to read, both in context and the style. I am a novice in economics, and have a passing interest in current politics but little theoretical knowledge, and often found myself getting lost in the terminology. I found the writing repetitive in places which is probably akin to academic writing but it slowed my progress through the book. I would recommend that everyone reads this but recommend that you take it slowly .
Thank you to NetGalley and the publishers for an advanced ereader copy in exchange for a honest review.
What I got was a detailed look into the economics of capital vs democracy and how it’s not really free-markets vs planning, because there is always an element of planning in economics. There were certainly shocking stories, such as Boeing, Ford and Amazon, and how if you have enough capital you can ensure that you always ‘win’. I’m not sure that it left me with much hope though, as the overriding sense is that ‘capital’ will always win, as Grace Blakeley states “over time, the rules of the market game we’re all supposed to be playing come to favour the interests of the powerful” and also “The wealthiest and most powerful are best able to shape the ideas we use to make sense of the world by exercising their power within schools, universities, the media and other sites of cultural production”.
The section on how empires struck me particularly as I read it on the day it was announced that the UK had gone into a recession (following months and years of strikes from workers demanding more pay): “Volcker had a plan. His goal was to convince financial markets that the Fed had the power – and the courage – to tame inflation for good by destroying unions demanding higher wages. Volcker is remembered as a hero among neoliberals for bringing down inflation by engineering a recession…”
I found the book slow going and somewhat hard to read, both in context and the style. I am a novice in economics, and have a passing interest in current politics but little theoretical knowledge, and often found myself getting lost in the terminology. I found the writing repetitive in places which is probably akin to academic writing but it slowed my progress through the book. I would recommend that everyone reads this but recommend that you take it slowly .
Thank you to NetGalley and the publishers for an advanced ereader copy in exchange for a honest review.
June 4, 2024
4.5 Stars!
“Capitalism is not defined by the free market. Capitalism is defined by the class division between owners and workers; between those who own all the stuff needed to produce commodities, and those forced to work to produce those commodities.”
This is a rage reading extravaganza. The next time you’re in that supermarket shaking your head at the latest round of rampant price gouging, forcing you to pay way over the odds for essential goods, take comfort in the knowledge that over the course of 2021 the number of billionaires in the UK reached a record high during the pandemic as twenty-four more people became billionaires. Or what about one study which revealed that in the US that every dollar spent on lobbying yielded $220 worth of tax cuts.
“Capitalism means rule by capital-not free markets.”
Blakeley’s last book was outstanding so I was incredibly excited to see that she had a new book out this year. She explores a lot in here, at one point using Fordism as a great example we see how the state in cahoots with corporations conspired to create a planned economy, whilst maintaining the deliberately misleading idea and myth of free-market capitalism, but as Blakeley clearly illustrates, no such thing exists as we are led to believe.
“The power to create and manage debt is an extraordinarily potent political tool. But this power has been enclosed by capitalists and politicians who seek to use it to augment their control over everyone else.”
By 1939 Ford was one of the largest suppliers of vehicles to the Nazis. Of the 350,000 trucks used by the Nazis, as of 1942, roughly a third were Ford made. Robert Schmidt, a Nazi supporter and Ford employee who was in charge of operations, chose to stay on after the US went to war with Germany, and he supervised the introduction of forced labour, where workers were made to work 12 hours a day on grim rations. Schmidt was rehired by Ford Germany after the war, staying with them until his death in 1962. Three years later the same company received over $1 million in compensation from the US taxpayer as a result of damage sustained during Allied bombings.
“Google, Amazon and Microsoft have, between them collectively bought over 436 companies and start-ups in the past ten years and regulators have not challenged any of them.”
Capitalism and in particular Neo-liberalism in reality is closer to fascism than democracy. If we look as far back as the 1930s we see that many of the major and powerful capitalists of the English speaking world fully embraced fascism, the likes of Lord Rothermere, Charles Lindbergh, and Henry Ford (who was given and accepted the highest military award by Hitler). The British Royal family also held sympathies for fascism and Churchill openly praised Mussolini. Both the British and American Empires flourished and were dependent on fascist principles, though this was merely presented in slightly altered language. And of course there’s the huge list of horrendous fascist states that the US has bankrolled, trained, created or sustained in order to maintain immense profit margins.
When you look beyond the narrow, shallow narratives generated by corporate and political interests you begin to understand how capitalism actually works and if you really examine its true impact on a global scale, you start to see that although it often uses military violence and killing to further its agenda, easier, quicker and far more devastating measures can be executed through political and economic forces.
What we really have is structural violence, a system which thrives under a ruthless culture of criminality cocooned in impunity - as seen clearly with the bailing out of the banks whilst at the same time making millions homeless and jobless or with Covid price gouging at the expense of the poorest. Or the ongoing war on the climate by the same interests. A blatantly corrupt and self-serving elite focused solely on enriching and empowering themselves, who often create punishing measures of extraction and exploitation, crippling whole countries, and across the world have a devastating and enduring impact on billions of people, keeping them poor, miserable, ignorant and compliant.
I don’t believe that the world is made up of innately selfish and greedy people but the world is owned and controlled primarily by innately selfish and greedy people who have proven time and time again that they do not care how much misery or poverty they inflict upon the rest of the world, as long as they continue to get what they want. This is what happens when you have a system which celebrates and overly rewards the darkest and most disturbing traits of humanity.
“A capitalist society is a class-divided society in which power is monopolised by capitalists and their allies. A socialist society is a classless society in which power is shared and decisions are made collectively. A socialist society is, then a true democracy.”
“Capitalism is not defined by the free market. Capitalism is defined by the class division between owners and workers; between those who own all the stuff needed to produce commodities, and those forced to work to produce those commodities.”
This is a rage reading extravaganza. The next time you’re in that supermarket shaking your head at the latest round of rampant price gouging, forcing you to pay way over the odds for essential goods, take comfort in the knowledge that over the course of 2021 the number of billionaires in the UK reached a record high during the pandemic as twenty-four more people became billionaires. Or what about one study which revealed that in the US that every dollar spent on lobbying yielded $220 worth of tax cuts.
“Capitalism means rule by capital-not free markets.”
Blakeley’s last book was outstanding so I was incredibly excited to see that she had a new book out this year. She explores a lot in here, at one point using Fordism as a great example we see how the state in cahoots with corporations conspired to create a planned economy, whilst maintaining the deliberately misleading idea and myth of free-market capitalism, but as Blakeley clearly illustrates, no such thing exists as we are led to believe.
“The power to create and manage debt is an extraordinarily potent political tool. But this power has been enclosed by capitalists and politicians who seek to use it to augment their control over everyone else.”
By 1939 Ford was one of the largest suppliers of vehicles to the Nazis. Of the 350,000 trucks used by the Nazis, as of 1942, roughly a third were Ford made. Robert Schmidt, a Nazi supporter and Ford employee who was in charge of operations, chose to stay on after the US went to war with Germany, and he supervised the introduction of forced labour, where workers were made to work 12 hours a day on grim rations. Schmidt was rehired by Ford Germany after the war, staying with them until his death in 1962. Three years later the same company received over $1 million in compensation from the US taxpayer as a result of damage sustained during Allied bombings.
“Google, Amazon and Microsoft have, between them collectively bought over 436 companies and start-ups in the past ten years and regulators have not challenged any of them.”
Capitalism and in particular Neo-liberalism in reality is closer to fascism than democracy. If we look as far back as the 1930s we see that many of the major and powerful capitalists of the English speaking world fully embraced fascism, the likes of Lord Rothermere, Charles Lindbergh, and Henry Ford (who was given and accepted the highest military award by Hitler). The British Royal family also held sympathies for fascism and Churchill openly praised Mussolini. Both the British and American Empires flourished and were dependent on fascist principles, though this was merely presented in slightly altered language. And of course there’s the huge list of horrendous fascist states that the US has bankrolled, trained, created or sustained in order to maintain immense profit margins.
When you look beyond the narrow, shallow narratives generated by corporate and political interests you begin to understand how capitalism actually works and if you really examine its true impact on a global scale, you start to see that although it often uses military violence and killing to further its agenda, easier, quicker and far more devastating measures can be executed through political and economic forces.
What we really have is structural violence, a system which thrives under a ruthless culture of criminality cocooned in impunity - as seen clearly with the bailing out of the banks whilst at the same time making millions homeless and jobless or with Covid price gouging at the expense of the poorest. Or the ongoing war on the climate by the same interests. A blatantly corrupt and self-serving elite focused solely on enriching and empowering themselves, who often create punishing measures of extraction and exploitation, crippling whole countries, and across the world have a devastating and enduring impact on billions of people, keeping them poor, miserable, ignorant and compliant.
I don’t believe that the world is made up of innately selfish and greedy people but the world is owned and controlled primarily by innately selfish and greedy people who have proven time and time again that they do not care how much misery or poverty they inflict upon the rest of the world, as long as they continue to get what they want. This is what happens when you have a system which celebrates and overly rewards the darkest and most disturbing traits of humanity.
“A capitalist society is a class-divided society in which power is monopolised by capitalists and their allies. A socialist society is a classless society in which power is shared and decisions are made collectively. A socialist society is, then a true democracy.”
June 13, 2024
I’d have given this a 3.5 if I could; 3 seems a little harsh, but it certainly wasn’t a 4 (and given the high rating of the book on here in general, I think it important to provide some balance).
Blakeley is one of my favourite commentators, and I enjoy her columns in Tribune. Shame, then, that for me this book didn’t quite live up to expectations. Part of that is stylistic: there’s a time and a place, but I found the over use of signifiers (“I will show that” / “We will see”) simplistic and grating. Is this an essay, or a book? At points, Vulture Capitalism seems itself confused as to the answer; rather than a freestanding section, the ‘Introduction’ appears to be envisaged as an abstract - in which whole lines (and even citations!) are repeated almost exactly in the later text. This is particularly irritating in the first chapter, when the ‘Introduction’ has only just been left behind - but the occurrences in the remainder of the text still ignore the way that people consume books. Moreover: my sense is that this repetition wasn’t just confined to lines from the ‘Introduction’, though I swiftly gave up checking so can’t confirm that.
In terms of the positives: Blakeley is genuinely interested in the areas she focuses on as worthy objects of study. She’s prepared to take dissenting voices seriously, analyse them dispassionately, and in so doing reach interesting conclusions. Much of Vulture Capitalism’s focus is on planning: where it takes place, and why. Blakeley’s conclusions, if not groundbreaking, are at least insightful; more planning does not mean less capitalism (quite the contrary), and this truth is evident to many of the economic actors with which we are most familiar today. Blakeley’s greatest strength, as ever, is her ability to decode complex economic phenomena as arising from a series of deliberate choices, which create winners and losers. Identifying who those winners are, and why they are always the same people, is powerful analysis. At points, Blakeley’s attempts to establish a theoretical basis for her arguments perhaps strayed too far into the detail and became slightly plodding - the thing I usually really value about her analysis is that Blakeley is adept at translating hard economics for a public audience, and this interfered with that objective slightly. In general, though, I think she trod the line well; in particular, I found myself enjoying the book much more as it went on.
At the same time, I was left with substantive questions that remained unanswered. Where does Vulture Capitalism sit? I found the attempt to establish a general theory or framework for the book unconvincing, and in the end it felt more like a set of essays on a series of interrelated topics - rather than a comprehensive study. Related to that: what kind of book is Vulture Capitalism trying to be? I should preface this by saying that I agreed with pretty much all of Blakeley’s conclusions (though I did so before coming to the book, and so I can’t say I found it particularly revelatory) - but the book veered between analysis and rallying cry with wild abandon. Again, I’m not a stickler for a form (and I could have probably lived with that) - but I thought it weakened the book as an example of either. If it’s to be judged as popular economics, I found Vulture Capitalism much less illuminating than, for example, Brett Christophers’ ‘Rentier Capitalism’ - and the idea less engaging and thought provoking than, for example, Stephanie Kelton’s ‘The Deficit Myth’. If it’s to be judged as rallying cry, I find Blakeley a much more analytical thinker than, for example, Owen Jones - but then that wasn’t really what I was looking for from this book either. As a result of not having much of a guiding framework, Vulture Capitalism’s remit is loosely defined and ends up being overly ambitious and totalising; it therefore cannot help but fall a bit flat in light of that. The most interesting parts were the vignettes Blakeley painted of individual episodes of commercial malfeasance, though that underlines the fact that this book feels quite transitory (and isn’t one I can see myself returning to in ten years’ time). Perhaps, then, a better comparison is Mariana Mazzucato and Rosie Collington’s ‘The Big Con’ - which Vulture Capitalism isn’t too far away from in terms of quality, though that book edges ahead by dint of having been a bit more structured and circumspect in its aims (and, in my view, delivering on them).
The essential premise of the book - that capitalism is an ideal form rarely attained in practice, which therefore contains features which are ostensibly aberrations (but which are in reality hardwired into the system) - is founded, and Vulture Capitalism is an effective rallying cry in favour of a more democratised economy. Yet many of Blakeley’s readers (like myself) are drawn from the same type of intellectual milieu as she is, and went on the same journey during the Corbyn years - making these points well argued, but not especially novel. Vulture Capitalism wasn’t quite what I’d hoped for, and I wouldn’t jump to recommend it.
Blakeley is one of my favourite commentators, and I enjoy her columns in Tribune. Shame, then, that for me this book didn’t quite live up to expectations. Part of that is stylistic: there’s a time and a place, but I found the over use of signifiers (“I will show that” / “We will see”) simplistic and grating. Is this an essay, or a book? At points, Vulture Capitalism seems itself confused as to the answer; rather than a freestanding section, the ‘Introduction’ appears to be envisaged as an abstract - in which whole lines (and even citations!) are repeated almost exactly in the later text. This is particularly irritating in the first chapter, when the ‘Introduction’ has only just been left behind - but the occurrences in the remainder of the text still ignore the way that people consume books. Moreover: my sense is that this repetition wasn’t just confined to lines from the ‘Introduction’, though I swiftly gave up checking so can’t confirm that.
In terms of the positives: Blakeley is genuinely interested in the areas she focuses on as worthy objects of study. She’s prepared to take dissenting voices seriously, analyse them dispassionately, and in so doing reach interesting conclusions. Much of Vulture Capitalism’s focus is on planning: where it takes place, and why. Blakeley’s conclusions, if not groundbreaking, are at least insightful; more planning does not mean less capitalism (quite the contrary), and this truth is evident to many of the economic actors with which we are most familiar today. Blakeley’s greatest strength, as ever, is her ability to decode complex economic phenomena as arising from a series of deliberate choices, which create winners and losers. Identifying who those winners are, and why they are always the same people, is powerful analysis. At points, Blakeley’s attempts to establish a theoretical basis for her arguments perhaps strayed too far into the detail and became slightly plodding - the thing I usually really value about her analysis is that Blakeley is adept at translating hard economics for a public audience, and this interfered with that objective slightly. In general, though, I think she trod the line well; in particular, I found myself enjoying the book much more as it went on.
At the same time, I was left with substantive questions that remained unanswered. Where does Vulture Capitalism sit? I found the attempt to establish a general theory or framework for the book unconvincing, and in the end it felt more like a set of essays on a series of interrelated topics - rather than a comprehensive study. Related to that: what kind of book is Vulture Capitalism trying to be? I should preface this by saying that I agreed with pretty much all of Blakeley’s conclusions (though I did so before coming to the book, and so I can’t say I found it particularly revelatory) - but the book veered between analysis and rallying cry with wild abandon. Again, I’m not a stickler for a form (and I could have probably lived with that) - but I thought it weakened the book as an example of either. If it’s to be judged as popular economics, I found Vulture Capitalism much less illuminating than, for example, Brett Christophers’ ‘Rentier Capitalism’ - and the idea less engaging and thought provoking than, for example, Stephanie Kelton’s ‘The Deficit Myth’. If it’s to be judged as rallying cry, I find Blakeley a much more analytical thinker than, for example, Owen Jones - but then that wasn’t really what I was looking for from this book either. As a result of not having much of a guiding framework, Vulture Capitalism’s remit is loosely defined and ends up being overly ambitious and totalising; it therefore cannot help but fall a bit flat in light of that. The most interesting parts were the vignettes Blakeley painted of individual episodes of commercial malfeasance, though that underlines the fact that this book feels quite transitory (and isn’t one I can see myself returning to in ten years’ time). Perhaps, then, a better comparison is Mariana Mazzucato and Rosie Collington’s ‘The Big Con’ - which Vulture Capitalism isn’t too far away from in terms of quality, though that book edges ahead by dint of having been a bit more structured and circumspect in its aims (and, in my view, delivering on them).
The essential premise of the book - that capitalism is an ideal form rarely attained in practice, which therefore contains features which are ostensibly aberrations (but which are in reality hardwired into the system) - is founded, and Vulture Capitalism is an effective rallying cry in favour of a more democratised economy. Yet many of Blakeley’s readers (like myself) are drawn from the same type of intellectual milieu as she is, and went on the same journey during the Corbyn years - making these points well argued, but not especially novel. Vulture Capitalism wasn’t quite what I’d hoped for, and I wouldn’t jump to recommend it.
September 19, 2024
I read this because it was long-listed for the first Women’s Prize for Non-Fiction (UK). It sadly didn't make the short list, possibly because the first 2/3rds of the book are very cumbersome. I thought the last 1/3 more than made up for that though, as it's one of the rare books that has really good suggestions for improvements moving forward. For example, I was impressed with her rejection of universal income due to its limitations and drawbacks, in favor of free food and health care.
May 31, 2024
This book is an excellent example of the fact that diagnosis and cure are very different things. Imagine you are sick and you go to a doctor. The nice doctor examines you carefully and very carefully explains what is wrong with you. She seems nice and she seems to know her stuff. Diagnosis over. You ask for a treatment and she scribbles something on a piece of paper. You thank her and, with growing confusion and alarm, you read: mix a teaspoon of ground rhinoceros horn with the scale of a 7 day old salmon and pour the mixture into an ounce of 70% alcohol. That’s what this book is like.
She has her finger on the issues that have generated economic problems in our present system. And for that, the first section of this book is worth reading. Her proposal, however, is simply nonsense.
When she says that “We must also ensure that workers have the right to refuse work and that >No worker should be forced to take a poorly paid, dangerous job simply because they have to survive. you know you are dealing with someone who embodies the radical distinction between diagnosis and cure. She goes on to say that “A far better proposal would be to decommodify everything people need to survive by providing a program of universal basic services, whereby all essential services like health care, education (including higher education), social care, and even food, housing, and transport are provided for free or at subsidized prices.. Certain proposals are so fantastic that only people who live in the affluent west can propose it with seriousness.
In addition, she proposes public ownership of firms, democratized finance, and democratized international institutions. Reading through the proposals, you begin to feel like Little Red Riding Hood if she were given a chance to relive the story knowing everything we now know. She will know that’s not her grandma and that all her initial instincts were perfectly justified. In other words, you will have that feeling that you have seen what she proposes before and that every time it was tried, not only did it not work; it led to significant decreases in the quality of life. Why? Because the people who will have the power to put these proposals into place will also have the power to do the kinds of things human beings with too much power have always done throughout history. Even if you agree that what she proposes are good things, you still have the problem that no human being or political party, democratically elected or otherwise, can make only benign use of a political power strong and comprehensive enough to carry out all the proposals of this book.
She has her finger on the issues that have generated economic problems in our present system. And for that, the first section of this book is worth reading. Her proposal, however, is simply nonsense.
When she says that “We must also ensure that workers have the right to refuse work and that >No worker should be forced to take a poorly paid, dangerous job simply because they have to survive. you know you are dealing with someone who embodies the radical distinction between diagnosis and cure. She goes on to say that “A far better proposal would be to decommodify everything people need to survive by providing a program of universal basic services, whereby all essential services like health care, education (including higher education), social care, and even food, housing, and transport are provided for free or at subsidized prices.. Certain proposals are so fantastic that only people who live in the affluent west can propose it with seriousness.
In addition, she proposes public ownership of firms, democratized finance, and democratized international institutions. Reading through the proposals, you begin to feel like Little Red Riding Hood if she were given a chance to relive the story knowing everything we now know. She will know that’s not her grandma and that all her initial instincts were perfectly justified. In other words, you will have that feeling that you have seen what she proposes before and that every time it was tried, not only did it not work; it led to significant decreases in the quality of life. Why? Because the people who will have the power to put these proposals into place will also have the power to do the kinds of things human beings with too much power have always done throughout history. Even if you agree that what she proposes are good things, you still have the problem that no human being or political party, democratically elected or otherwise, can make only benign use of a political power strong and comprehensive enough to carry out all the proposals of this book.
February 6, 2024
Thank you to Netgalley for an e-arc!
This is a great resource for those wanting to understand why trade unions are so important especially with how the past year has gone with workers from Harper Collins and the film writers' in America going on strike. It distills down the points for why workers having more power in the workplace is critical for all of us as a society very well. What keeping me from giving it the full five stars is I wish the solution part/future steps would have been elaborated on more in depth. When I pick up books like these I'm always looking for ways that I and the people around me can take and implement in our lives as we move forward. And that was lacking. Overall it's an excellent read and I highly recommend it even if you're just slightly curious.
This is a great resource for those wanting to understand why trade unions are so important especially with how the past year has gone with workers from Harper Collins and the film writers' in America going on strike. It distills down the points for why workers having more power in the workplace is critical for all of us as a society very well. What keeping me from giving it the full five stars is I wish the solution part/future steps would have been elaborated on more in depth. When I pick up books like these I'm always looking for ways that I and the people around me can take and implement in our lives as we move forward. And that was lacking. Overall it's an excellent read and I highly recommend it even if you're just slightly curious.
March 9, 2024
The prevailing orthodoxy in Western countries contrasts the free market and the planned economy. However, as Blakeley makes clear, capitalist economies are planned too. Companies and states collude to protect the interests of capital. Her argument is backed up by numerous examples. Many of these were stories I sort-of knew, but the detail is devastating. The story of Boeing and its safety failings in the interests of profit is particularly topical.
Blakeley has a punchy and engaging writing style which makes this accessible if you’re coming to these issues for the first time, and uplifting and inspiring if you’re all too familiar with this litany of injustice.
*
Copy from NetGalley.
Blakeley has a punchy and engaging writing style which makes this accessible if you’re coming to these issues for the first time, and uplifting and inspiring if you’re all too familiar with this litany of injustice.
*
Copy from NetGalley.
January 6, 2025
Vulture capitalism is the right book for the right time. Several years ago the information in this book would have shattered my worldview. The space this book inhabits is one I have visited frequently in the past few years, in the likes of authors such as Vincent Bevins, Olúfẹ́mi O. Táíwò, and Mark Fischer. If any of those authors appeal to you, Grace Blakeley is someone you should be following (and vice versa).
Every one of these authors brings something new to the table and Blakeley is no different. I have long been aware that corporations have an oppressive relationship with the state, but I have never closely explored what form it takes. Vulture Capitalism paints a thorough, and well cited picture of how corporations, through their unique access to state power, and their own executive authority distort and diminish our individual freedom and agency.
We spend most of our lives at work, and for the most part we have very little agency as to how our workplaces operate. Our freedom is so limited under capitalism, and yet it has managed to brand it self as the most liberatory ideology. This is not even accounting for the amount of oppression in third world countries necessary to extract value to support our western ‘freedom’. With laser focus, Blakeley guides us to where and how planning takes place, to whose ends, and who gets to have agency in our current society.
Blakeley leaves us with many chilling anecdotes, all of which show, to great effect, how little democracy penetrates the parts of society where important decisions are being made. The functions of our state governments are only a fraction of the planning and executive power excersized in modern society. The majority of it is taking place by private corporations, financial institutions and banking firms that have no democratic qualities or oversight at all.
The decay of state institutions and personal agency through decades of neoliberal policy that have turned citizens into customers and governments into service providers, is made abundantly clear. I did not need to take Blakeley at her word (not even accounting for the hundreds of pages of citations). I found it spoke quite truly to my own experience of work culture, and in how government operates, prioritising vested interests as ‘technical experts’ or ‘key stakeholders’ in an attempt to be apolitical but instead handing political power over to industry and capital.
What I appreciate most about Vulture Capitalism is that it is a call for action. Many books of its ilk often leave the reader only with the knowledge of how bad the world is, and at best provide vague assertions that things might get better. Blakeley is very clear that we can and do have options, and goes to great lengths to explain how we get out of the hole we are in. She provides extensive examples of people and projects who have successfully made meaningful change under the current corporate status quo, and the measures they took to do so.
I feel hopeful reading this book, and clear sighted as to why the world looks the way it does. I will be keenly following Blakeley’s future work with interest, as I find my own ways to make positive change in the world.
Every one of these authors brings something new to the table and Blakeley is no different. I have long been aware that corporations have an oppressive relationship with the state, but I have never closely explored what form it takes. Vulture Capitalism paints a thorough, and well cited picture of how corporations, through their unique access to state power, and their own executive authority distort and diminish our individual freedom and agency.
We spend most of our lives at work, and for the most part we have very little agency as to how our workplaces operate. Our freedom is so limited under capitalism, and yet it has managed to brand it self as the most liberatory ideology. This is not even accounting for the amount of oppression in third world countries necessary to extract value to support our western ‘freedom’. With laser focus, Blakeley guides us to where and how planning takes place, to whose ends, and who gets to have agency in our current society.
Blakeley leaves us with many chilling anecdotes, all of which show, to great effect, how little democracy penetrates the parts of society where important decisions are being made. The functions of our state governments are only a fraction of the planning and executive power excersized in modern society. The majority of it is taking place by private corporations, financial institutions and banking firms that have no democratic qualities or oversight at all.
The decay of state institutions and personal agency through decades of neoliberal policy that have turned citizens into customers and governments into service providers, is made abundantly clear. I did not need to take Blakeley at her word (not even accounting for the hundreds of pages of citations). I found it spoke quite truly to my own experience of work culture, and in how government operates, prioritising vested interests as ‘technical experts’ or ‘key stakeholders’ in an attempt to be apolitical but instead handing political power over to industry and capital.
What I appreciate most about Vulture Capitalism is that it is a call for action. Many books of its ilk often leave the reader only with the knowledge of how bad the world is, and at best provide vague assertions that things might get better. Blakeley is very clear that we can and do have options, and goes to great lengths to explain how we get out of the hole we are in. She provides extensive examples of people and projects who have successfully made meaningful change under the current corporate status quo, and the measures they took to do so.
I feel hopeful reading this book, and clear sighted as to why the world looks the way it does. I will be keenly following Blakeley’s future work with interest, as I find my own ways to make positive change in the world.
December 5, 2024
Bardzo warto. Nawet jeśli nie macie złudzeń odnośnie współczesnego kapitalizmu. Warto choćby dlatego, aby sobie odświeżyć, dlaczego zwrot „wolny rynek” należy pisać w cudzysłowie.
Objętościowo książka prezentuje się imponująco. Aczkolwiek po trochę ponad czterystu stronach się kończy. Czterdzieści procent ebooka zajmują przypisy itp. Zaletą albo wadą książki jest to, że niemal na każdy podany fakt jest tu przypis. Być może, aby autorce nie dało się zarzucić „ideologii”. A fakty to nie ideologia, niezależnie co myślą i uważają ludzie z którejkolwiek strony jakiegokolwiek sporu. Którzy mają „swoją prawdę”, swoje uczucia, które są bezwartościowe kiedy przeciwstawiane są faktom.
Z drugiej strony - zawsze autorce można zarzucić, że faktami manipuluje. Ale to wymaga wysiłku intelektualnego. Jak zwykle zatem, kto ma oczy może przeczytać i ocenić samemu. :)
Objętościowo książka prezentuje się imponująco. Aczkolwiek po trochę ponad czterystu stronach się kończy. Czterdzieści procent ebooka zajmują przypisy itp. Zaletą albo wadą książki jest to, że niemal na każdy podany fakt jest tu przypis. Być może, aby autorce nie dało się zarzucić „ideologii”. A fakty to nie ideologia, niezależnie co myślą i uważają ludzie z którejkolwiek strony jakiegokolwiek sporu. Którzy mają „swoją prawdę”, swoje uczucia, które są bezwartościowe kiedy przeciwstawiane są faktom.
Z drugiej strony - zawsze autorce można zarzucić, że faktami manipuluje. Ale to wymaga wysiłku intelektualnego. Jak zwykle zatem, kto ma oczy może przeczytać i ocenić samemu. :)
September 9, 2024
A bit too dense for me but did help link all shit this govt is doing with the wider capitalist vision.
July 15, 2025
4.5*
The beginning felt a bit repetitive and somewhat familiar in terms of content—likely because these ideas are already known to many.
However, the rest of the book is impressively well-researched and becomes progressively more informative—and agitative, in the best possible sense!!
The writing is dense and takes some time to get into.
Most importantly, the book shines a powerful, penetrating and consistent light on what capital and capitalism really are. Although the concept may seem trivial, we still often confuse capitalism with its supposed non-state control or the free market. This book shows how effectively the state and the capital march hand in hand towards exploitation.
Grace thoroughly and consistently demonstrates, through numerous examples, how capital operates as a class relationship between two groups of people.
It shows that capitalism is a social contract—one that carries no inherent moral responsibility. And thus operates without moral obligations or restrictions. It makes a compelling case that democracy is fundamentally aligned with an anti-capitalist narrative, not the other way around.
Nice work.
December 28, 2025
Rereading for course syllabi prep.
📌Modern corporations are not merely economic entities, but political entities without democratic accountability. The relationship between banks and corporations is also extremely important for understanding monopoly capitalism. When financial institutions loan money to firms, or buy their stocks and bonds, they not only determine investment, but how societies grow and evolve. Bankers quite literally decide which companies, states, and individuals thrive and even survive.
📌The question isn’t about the size of the state versus the size of the market. Instead, it’s about whose interests are being served. The rise of the neoliberal order was never about free markets or reducing the size of the state. Rather, it excluded the voices and concerns of workers from the planning process. The approach is simple and would work for all, except of course, the giants and companies. We must include the voices of the disenfranchised working class in the state-corporate-finance planning process.
*
The next time an entrepreneur or business owner friend lectures you about how the government is shit and privatization is the solution because markets are free, and we should all just participate in it and solve all the problems, because freedom yay, gift them this book.
Because we all know we have that one friend.
Because, well, we can’t scream at that friend, “Government is the (free) market!”
*
Let alone adding this book to my syllabi, I’m redesigning my course based on its examples. As an economist scholar, I usually don’t read books by non-economists, but this one is an exceptional exception.
Read this book alongside Ha-Joon Chang’s 23 Things They Don’t Tell You About Capitalism, and you’ll be well on your way to understanding the complexities of capitalism.
Grace Blakeley’s Vulture Capitalism critiques the alliance of corporations, finance, and states that underpins the capitalist system. This system drives inequality, stifles democracy, and enriches elites. Blakeley brilliantly combines theory, analysis, and practical solutions in engaging prose. This book offers a blueprint for reclaiming power through economic democracy.
📌Modern corporations are not merely economic entities, but political entities without democratic accountability. The relationship between banks and corporations is also extremely important for understanding monopoly capitalism. When financial institutions loan money to firms, or buy their stocks and bonds, they not only determine investment, but how societies grow and evolve. Bankers quite literally decide which companies, states, and individuals thrive and even survive.
📌The question isn’t about the size of the state versus the size of the market. Instead, it’s about whose interests are being served. The rise of the neoliberal order was never about free markets or reducing the size of the state. Rather, it excluded the voices and concerns of workers from the planning process. The approach is simple and would work for all, except of course, the giants and companies. We must include the voices of the disenfranchised working class in the state-corporate-finance planning process.
*
The next time an entrepreneur or business owner friend lectures you about how the government is shit and privatization is the solution because markets are free, and we should all just participate in it and solve all the problems, because freedom yay, gift them this book.
Because we all know we have that one friend.
Because, well, we can’t scream at that friend, “Government is the (free) market!”
*
Let alone adding this book to my syllabi, I’m redesigning my course based on its examples. As an economist scholar, I usually don’t read books by non-economists, but this one is an exceptional exception.
Read this book alongside Ha-Joon Chang’s 23 Things They Don’t Tell You About Capitalism, and you’ll be well on your way to understanding the complexities of capitalism.
Grace Blakeley’s Vulture Capitalism critiques the alliance of corporations, finance, and states that underpins the capitalist system. This system drives inequality, stifles democracy, and enriches elites. Blakeley brilliantly combines theory, analysis, and practical solutions in engaging prose. This book offers a blueprint for reclaiming power through economic democracy.
September 8, 2024
4.5
Obviously this is my kind of book, so, I understand it wouldn't be everyone's cup of tea. But I found it a really simple and easy to follow book explaining capitalism, socialism, communism and the misconceptions which pervade them all. Blakeley provides interesting examples throughout and really explains how corporate capitalism wields its power.
I loved the solutions and opportunities section at the end. It gave hopeful examples of things which have worked across the world and made change feel tangible and possible.
Obviously this is my kind of book, so, I understand it wouldn't be everyone's cup of tea. But I found it a really simple and easy to follow book explaining capitalism, socialism, communism and the misconceptions which pervade them all. Blakeley provides interesting examples throughout and really explains how corporate capitalism wields its power.
I loved the solutions and opportunities section at the end. It gave hopeful examples of things which have worked across the world and made change feel tangible and possible.
August 16, 2025
Well this was an incredibly depressing, infuriating, and, at times, hopeful read. If I read a more important non-fiction book than this in 2025, I will be surprised.
April 12, 2024
It's a rant. Corporate shortcomings are listed and the answer to all economic ills must therefore be Marxism. Capitalism, from the corner store to Amazon and Boeing.contains some real horrors but the author does not address the fact that global life expectancy has gone up and millions have been lifted from poverty. The writing so so colloquial that I reckoned she just dictated stuff as she walked round the park. If you admire Corbyn , Trotsky and Fidel Castro you might like this volume. ( Thanks to NetGalley, I did not have to pay for this - praise the lord )
did-not-finish
October 23, 2025DNF'd at around 30% in
this book highlights the many infuriating examples of big corporations profiting from the exploitation of workers in a dodgy capitalist system. some parts were really interesting but to be honest it just made me feel totally powerless and frustrated about the situation. that feeling coupled with my eyes glazing over every time it got heavy on the economics meant that i unfortunately won't be finishing this one.
this book highlights the many infuriating examples of big corporations profiting from the exploitation of workers in a dodgy capitalist system. some parts were really interesting but to be honest it just made me feel totally powerless and frustrated about the situation. that feeling coupled with my eyes glazing over every time it got heavy on the economics meant that i unfortunately won't be finishing this one.
July 18, 2024
I was going to give this book 3.5 - 4 stars, but then right at the end she threw in a dig about ”sophists like Jordan Peterson”, and that deserves 5 stars on its own
April 1, 2024
My perspective? A fortunate, well-educated person of the left. I try to pick books which I will be broadly in tune with but which will introduce something new to the mix. This book begins with a sophomoric anti-capitalism rant literally full of hackneyed cliche and moves on to a series of arguments and exposes which are extraordinarily lazy. The description of the Congo (DRC), for example, is the same one - precisely the same one - which has been getting churned out for a generation; contemporary subtleties, absolutely fundamental facts, are simply ignored. The author, who chose an elite university and KPMG before moving, directly before writing books like this, on to a childlike uncompromising and often incoherent approach to the way the world is and how it might be improved through decent policies of the left, seems to have pitched a book at people who are finding capitalism's injustices anew and simply want their anger validated. There are so many good books about each of the issues addressed here; the publisher instead appears to have assumed that readers of this book simply want to smash the system and that meaningful ways of improving things for the world's poor simply involve too much reading. By the stars given here so far, their commercial judgement seems quite right. Fair do's to the capitalists at Bloomsbury.
March 25, 2024
Yes. This is a big ol' yes from me.
This book was so good. It's a rebuke of Capitalism and the lies it tells, clearly demonstrates how it not only evolved from feudalism but all the ailments we complain of are features not bugs, repudiates the "biologically essential truths of human nature" that are only true within a Capitalist society by showing counterpoints both in new ways of living and how prior civilizations that have encountered Capitalists have reacted, and just generally kept me engaged the whole time. It even included an Ursula K LeGuin quote!
Blakeley picks apart the arguments of Capitalism and how it can never be the democracy it espouses, it's just a matter of who controls the market. But as bleak as the stories can get, I appreciated the balance of positive, hopeful communities who have been able to enact change and that can be used as blueprints for future movements.
There are so many people I want to shove this book at to open their eyes to the world around them. So I'd say that if you're intrigued, pick this up!
And as a bonus, since I recently watched it before starting this-- John Oliver also did a segment on Boeing (the anecdote represented in the opening chapter) that goes further in depth: https://www.youtube.com/watch?v=Q8oCi...
This book was so good. It's a rebuke of Capitalism and the lies it tells, clearly demonstrates how it not only evolved from feudalism but all the ailments we complain of are features not bugs, repudiates the "biologically essential truths of human nature" that are only true within a Capitalist society by showing counterpoints both in new ways of living and how prior civilizations that have encountered Capitalists have reacted, and just generally kept me engaged the whole time. It even included an Ursula K LeGuin quote!
Blakeley picks apart the arguments of Capitalism and how it can never be the democracy it espouses, it's just a matter of who controls the market. But as bleak as the stories can get, I appreciated the balance of positive, hopeful communities who have been able to enact change and that can be used as blueprints for future movements.
There are so many people I want to shove this book at to open their eyes to the world around them. So I'd say that if you're intrigued, pick this up!
And as a bonus, since I recently watched it before starting this-- John Oliver also did a segment on Boeing (the anecdote represented in the opening chapter) that goes further in depth: https://www.youtube.com/watch?v=Q8oCi...
November 4, 2024
Aanrader! Ik heb een paar hoofdstukken van dit gedetailleerde boek moeten overslaan omdat het boek terug moest naar de bibliotheek, maar de grote lijnen zijn blijven hangen. Een paar van de populairste mythes/leugens van het kapitalisme waar ik al niet in geloofde maar waartegen ik weinig bewijzen had zijn voorgoed ontkracht. Onder andere het eeuwige excuus dat staatsinmenging een verstoring van het kapitalisme zou zijn. In die opvatting is het ware kapitalisme de vrije markt, dat perfect zou functioneren zonder de inmenging van 'socialistische' staatsinterventie, planeconomie. Het kapitalisme is in realiteit nooit een vrije markt geweest, het is het systeem waarbij staten en grote bedrijven samenwerken om de macht van het kapitaal in stand te houden. Een planeconomie van de rijken om een klassenmaatschappij met grote ongelijkheid in stand te houden. Hoe meer mensen zich hier bewust van zijn hoe beter. Want zij die door dit systeem benadeeld worden zijn in de overgrote meerderheid. Dit boek helpt mee de mythe te ontkrachten dat 'there is no alternative'. En het doet dat met overtuigende argumenten, voorbeelden en ideeën.
September 16, 2024
Utterly phenomenal—completely informed critique and historical analysis of global capitalism and neoliberal economics. Hot damn! Using this as a resource for my grad school application essay.
Read
January 10, 2025Receipts on receipts. The author backed up everything she was saying not just with a multitude of historical analyses and context, but also utilized relevant current events to illustrate her point so that even the uninitiated (like me) could follow along. What made this particularly wild was that while she made these references, I could not only connect what she was saying with things that are happening NOW, but that newer events underline her point of view even better than her older, chosen examples. Seems to me worthy of a paradigm-shifting framework through which to view the world, although admittedly not a very new one. And one that defies conspiracy and fatalism. A feat!
The chapter on imperialism was fire. As in, burn this place to the ground.
The chapter on imperialism was fire. As in, burn this place to the ground.
April 7, 2024
If you feel the world and economy are not run in a fair way for the vast majority of people and that there must be a better way then read this book. Well researched and written so that one doesn't need to be an economist to understand it. I found this to be a very interesting and informative read.
April 6, 2024
Enjoyed what I learned while reading and made me look at things in a different way. It did make me angry though. Not at the author but at the state we are in.
Will make me think when I next vote.
Will make me think when I next vote.
August 11, 2024
Great explainer of how modern capitalism works and the people who plan it and how we are not powerless to create an alternative socialist future
February 21, 2025
She's in her radicalization era 💃
Fair warning, this book will piss you off. But this, along with *gestures at everything*, got me to finally cancel my Prime membership. Bye, Bezos.
Fair warning, this book will piss you off. But this, along with *gestures at everything*, got me to finally cancel my Prime membership. Bye, Bezos.
October 7, 2024
This is indeed one the best books i read recently on mechanisms of globalized capitalism. Following on from Jason Hickel's "The Divide", this book delves into the decision-making processes and policy implementations that serve the interest of global powers and in doing so it offers a profound understanding of why the global situation is so horrible in every sense of the word.
One of the central arguments made by Blakeley is that neoliberals, on the contrary to their claims, have no problem with government planning. Their main issue lies with government planning that benefits the people. The entire neoliberal project is, in essence, a coordinated planning and policy implementation to serve the interest of the wealthy.
To illustrate this, the author first demonstrates that capitalism is not synonymous with "free markets". In fact, markets are not "free" due to the inherent dynamics of the market itself, as Marx observed, where large capitals stifle competition through various means, including:
- Creating monopolies by acquiring competitors (as seen in numerous tech acquisitions)
- Artificially lowering prices to bankrupt competitors (like Uber and Lyft)
- Collaborating with governments and security agencies (coup d'etats, military interventions, surveillance and ...)
Having established that not only a "free market" does not exist today but that its creation without government intervention is impossible, the author then explores the influence of large capital on domestic and foreign policies. Through legal means such as buying politicians and lobbying, they shape policies to benefit themselves at the expense of all the others.
From coups in Latin America to civil wars in Africa and the large-scale military campaigns of the American empire, everything becomes more understandable when viewed through the lens of the interests of the world's largest economic powers. The author provides numerous examples, from the governing Iraq by Western private firms to banana republic and the economic war with China. We can add the ongoing genocide in Palestine and unending wars in the middle east too. The author cites numerous sources for further reading on these topics.
However, the owners of large capital do not solely use monopolies for profit. The book examines Amazon, for example, which sometimes sells products at a loss but overly gains a powerful market position through centralized planning. This power is used to secure tax breaks, subsidies, and other benefits from governments. In essence, they acquire "power over the market" allowing them to withstand even market competition and operate at a loss because they gain more wealth and influence from other sources, which accumulate over time for the benefits of Jeff Bezos.
It's ironic that neoliberals, who constantly nagging on the "inefficiency of centralized economic planning," manage their own vast multinational corporations through centralized planning. The goal, however, is not to meet public needs but to accumulate profit and power for these corporations. These corporations have been curiously presented to us as "individuals" throughout history, yet they are exempt from countless laws and regulations that apply to individuals. Corporations cannot held accountable as murders (thou they certainly kill intentionally and unintentionally), even if they have killed thousands of people in chemical factory explosions in India or killed many by polluting the water and air and or simply selling cigarettes or carcinogenic foods or even guns.
Corporations do not go to prison. They don't even die like people and like vampires, they can continue to consume the fruits of human exploitation and live on, using their wealth to buy political power and shape the future of human society.
The author introduces Larry Fink, CEO of BlackRock, which manages $10 trillion in assets and, along with two other companies, controls a fifth of the shares of the 500 largest companies in the world. They plan and strategize to ensure the profitability of these shares. The power wielded by the CEO of BlackRock surpasses that of many governments and even the wealthiest individuals in the world.
The book shows how these financial corporations capitalize on any situation (financial crises, climate change, pandemics, wars, famines, etc.) to serve their interests, as Naomi Klein demonstrated in "The Shock Doctrine."
Furthermore, in the West, they control central banks and government treasuries, allowing them to recoup losses incurred due to their own irresponsibility, such as the 2008 financial crisis, through government bailouts. This is what Yanis Varoufakis refers to as "technofascism." and also use fiscal policies in favor of big capital (more about this in "Titans of Capital" by Peter Philips) using both Austerity and Quantitative easing.
I highly recommend this book. It provides a comprehensive overview of how economic powers shaped the world in their own interest, presenting a coherent narrative around the central theme that the neoliberal project is about acquiring greater political power for capital. It effectively maps the landscape of the current state of affairs.
The book discusses various topics including the ineffectiveness of green capitalism, the economic war with China, the rise of the far right in the West, all within the broader framework of large capital's coordinated efforts to maintain and increase their wealth and power through think tanks and conferences. From the World Economic Forum to G7 meetings, where they shape global policies to benefit their interests, it's clear that these powers, while competing with each other, are united in preserving their shared interests.
Ultimately, this book is not a cause for despair. In the final section, the author discusses the possibility of change, referencing Graeber's call for a shift in our mindset regarding alternatives to capitalism. "Creating alternatives is not only possible but can lead to a better future for everyone."
The author advocates not just for cultural activism but also for seizing positions of power within the political entities governing the society, while simultaneously building grassroots organizations, labor unions, and professional associations. This is a call for a multifaceted struggle.
This book is highly readable and engaging. It was particularly interesting for me because it presented a comprehensive overview of the situation, providing specific examples and identifying patterns. From cybernetics in Chile to centralized planning and its problems in the Soviet Union, from the campaign to kill communists in Indonesia to Hayek and freedom, the book covers a wide range of topics.
Also one very important thing. Grace Blakeley wants everyone to know:
COMMUNISM IS NOT WHEN STATE DO STUFF AND CAPITALISM IS NOT WHEN FREE MARKET.
Hope you enjoy reading it as much as i did.
and thanks Grace for this amazing book.
"""
Previous Comment which has been edited:
This is an amazing book.
I enjoyed it and want to write about it but tonight Israel might bomb my country so I'm not in the mood. Will write it soon. Hopefully.
"""
One of the central arguments made by Blakeley is that neoliberals, on the contrary to their claims, have no problem with government planning. Their main issue lies with government planning that benefits the people. The entire neoliberal project is, in essence, a coordinated planning and policy implementation to serve the interest of the wealthy.
To illustrate this, the author first demonstrates that capitalism is not synonymous with "free markets". In fact, markets are not "free" due to the inherent dynamics of the market itself, as Marx observed, where large capitals stifle competition through various means, including:
- Creating monopolies by acquiring competitors (as seen in numerous tech acquisitions)
- Artificially lowering prices to bankrupt competitors (like Uber and Lyft)
- Collaborating with governments and security agencies (coup d'etats, military interventions, surveillance and ...)
Having established that not only a "free market" does not exist today but that its creation without government intervention is impossible, the author then explores the influence of large capital on domestic and foreign policies. Through legal means such as buying politicians and lobbying, they shape policies to benefit themselves at the expense of all the others.
From coups in Latin America to civil wars in Africa and the large-scale military campaigns of the American empire, everything becomes more understandable when viewed through the lens of the interests of the world's largest economic powers. The author provides numerous examples, from the governing Iraq by Western private firms to banana republic and the economic war with China. We can add the ongoing genocide in Palestine and unending wars in the middle east too. The author cites numerous sources for further reading on these topics.
However, the owners of large capital do not solely use monopolies for profit. The book examines Amazon, for example, which sometimes sells products at a loss but overly gains a powerful market position through centralized planning. This power is used to secure tax breaks, subsidies, and other benefits from governments. In essence, they acquire "power over the market" allowing them to withstand even market competition and operate at a loss because they gain more wealth and influence from other sources, which accumulate over time for the benefits of Jeff Bezos.
It's ironic that neoliberals, who constantly nagging on the "inefficiency of centralized economic planning," manage their own vast multinational corporations through centralized planning. The goal, however, is not to meet public needs but to accumulate profit and power for these corporations. These corporations have been curiously presented to us as "individuals" throughout history, yet they are exempt from countless laws and regulations that apply to individuals. Corporations cannot held accountable as murders (thou they certainly kill intentionally and unintentionally), even if they have killed thousands of people in chemical factory explosions in India or killed many by polluting the water and air and or simply selling cigarettes or carcinogenic foods or even guns.
Corporations do not go to prison. They don't even die like people and like vampires, they can continue to consume the fruits of human exploitation and live on, using their wealth to buy political power and shape the future of human society.
The author introduces Larry Fink, CEO of BlackRock, which manages $10 trillion in assets and, along with two other companies, controls a fifth of the shares of the 500 largest companies in the world. They plan and strategize to ensure the profitability of these shares. The power wielded by the CEO of BlackRock surpasses that of many governments and even the wealthiest individuals in the world.
The book shows how these financial corporations capitalize on any situation (financial crises, climate change, pandemics, wars, famines, etc.) to serve their interests, as Naomi Klein demonstrated in "The Shock Doctrine."
Furthermore, in the West, they control central banks and government treasuries, allowing them to recoup losses incurred due to their own irresponsibility, such as the 2008 financial crisis, through government bailouts. This is what Yanis Varoufakis refers to as "technofascism." and also use fiscal policies in favor of big capital (more about this in "Titans of Capital" by Peter Philips) using both Austerity and Quantitative easing.
I highly recommend this book. It provides a comprehensive overview of how economic powers shaped the world in their own interest, presenting a coherent narrative around the central theme that the neoliberal project is about acquiring greater political power for capital. It effectively maps the landscape of the current state of affairs.
The book discusses various topics including the ineffectiveness of green capitalism, the economic war with China, the rise of the far right in the West, all within the broader framework of large capital's coordinated efforts to maintain and increase their wealth and power through think tanks and conferences. From the World Economic Forum to G7 meetings, where they shape global policies to benefit their interests, it's clear that these powers, while competing with each other, are united in preserving their shared interests.
Ultimately, this book is not a cause for despair. In the final section, the author discusses the possibility of change, referencing Graeber's call for a shift in our mindset regarding alternatives to capitalism. "Creating alternatives is not only possible but can lead to a better future for everyone."
The author advocates not just for cultural activism but also for seizing positions of power within the political entities governing the society, while simultaneously building grassroots organizations, labor unions, and professional associations. This is a call for a multifaceted struggle.
This book is highly readable and engaging. It was particularly interesting for me because it presented a comprehensive overview of the situation, providing specific examples and identifying patterns. From cybernetics in Chile to centralized planning and its problems in the Soviet Union, from the campaign to kill communists in Indonesia to Hayek and freedom, the book covers a wide range of topics.
Also one very important thing. Grace Blakeley wants everyone to know:
COMMUNISM IS NOT WHEN STATE DO STUFF AND CAPITALISM IS NOT WHEN FREE MARKET.
Hope you enjoy reading it as much as i did.
and thanks Grace for this amazing book.
"""
Previous Comment which has been edited:
This is an amazing book.
I enjoyed it and want to write about it but tonight Israel might bomb my country so I'm not in the mood. Will write it soon. Hopefully.
"""
September 28, 2025
- [ ] Modern capitalist brought to live monopolies and oligopolies that do not fight to have higher prices, rather most of them collude on prices, keeping them stable, and look forward to keeping the costs low (hence low wages, tax avoidance and environment destruction)
- [ ] Free markets would have implied a market with “few to no planning”, this planning would be the invisible hand of governments. However what we see today is that the these big firms are donating and lobbying with the main politician decision makers, who then favour them in big deals and tax avoidance. Firms live the best of both worlds - in prosperity times, take the profit, and in crisis times (that most likely they were co-responsible to create by being greedy) they take support the government . In covid19 crisis, major companies took support from the state, billions, and months after proceeded with billions in record-high dividends and layoffs. Some companies are too big to fail, and actually benefit from crisis to enhance their monopolies/oligopolies.
- [ ] Concept: Technofeudalism / Surveillance Capitalism describes a system where big tech firms gain advantage not by what they produce, but by extracting and analyzing user data. By turning everyday interactions into predictive insights, they can forecast and influence behavior. These firms act like digital landlords, enclosing platforms, locking in users, and extracting rents from the data economy
- [ ] Global South countries are screwed up - trapped in cycles of debt to international lenders (IMF, world bank), that often lead to the liberalisation and privatisation of all means of wealth in a country, becoming even more dependent on external resources. Multinational corporations extract resources, cheap labor, and profits from Global South economies. Profits are repatriated, while risks (environmental, social) are borne locally.
- [ ] To read next: Water Defenders
- [ ] Free markets would have implied a market with “few to no planning”, this planning would be the invisible hand of governments. However what we see today is that the these big firms are donating and lobbying with the main politician decision makers, who then favour them in big deals and tax avoidance. Firms live the best of both worlds - in prosperity times, take the profit, and in crisis times (that most likely they were co-responsible to create by being greedy) they take support the government . In covid19 crisis, major companies took support from the state, billions, and months after proceeded with billions in record-high dividends and layoffs. Some companies are too big to fail, and actually benefit from crisis to enhance their monopolies/oligopolies.
- [ ] Concept: Technofeudalism / Surveillance Capitalism describes a system where big tech firms gain advantage not by what they produce, but by extracting and analyzing user data. By turning everyday interactions into predictive insights, they can forecast and influence behavior. These firms act like digital landlords, enclosing platforms, locking in users, and extracting rents from the data economy
- [ ] Global South countries are screwed up - trapped in cycles of debt to international lenders (IMF, world bank), that often lead to the liberalisation and privatisation of all means of wealth in a country, becoming even more dependent on external resources. Multinational corporations extract resources, cheap labor, and profits from Global South economies. Profits are repatriated, while risks (environmental, social) are borne locally.
- [ ] To read next: Water Defenders
May 20, 2025
I have so many notes on this book: firstly and super super foremost: do not start this book on a 16 hour flight. It will damage your sense of safety. On a more serious note, five stars from me because of my politics, but I can see how it would be lowered since some of the declarative statements that couch her anecdotes and drawn conclusions are made from the author's bias and not true research. The anecdotes are great though, and extremely easy to parse through with a lot of information. I can tell she would be a great professor. The best thing is that it kinda starts pretty bleak but I think at the end I felt a little hopeful which is a lot for the current world we live in and the absolute vulture capitalism chaos.
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